Chart EUR/USD Update: Extending losses, but stretched
Prices remains under pressure and break of the 1.0900 level further extend losses from the 1.1200/14, August/September double top
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.1100 | * | congestion | S1 | 1.0881 | * | 8 Aug low | |
R3 | 1.1050 | * | congestion | S2 | 1.0850 | * | congestion | |
R2 | 1.1000 | ** | Sep low | S3 | 1.0835 | * | 61.8% Apr/Sep rally | |
R1 | 1.0950/55 | * | Jul high, 10 Oct high | S4 | 1.0800 | * | congestion |
Asterisk denotes strength of level
01:40 GMT - Prices remains under pressure and break of the 1.0900 level further extend losses from the 1.1200/14, August/September double top. However, oversold daily studies see bearish momentum fading and caution corrective bounce. Nearby see support at 1.0881 and the 1.0850 congestiobn. Below this will see room to the 1.0835, 61.8% Fibonacci retracement. Meanwhile, resistance remains at the 1.0950/55 area. Would need to clear this to ease the downside pressure and open up stronger bounce to the 1.1000, September low. Would need to regain this to fade the downside pressure and return focus to the 1.1200/14 highs.